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I don't know much about it in the States but in Canada, any of the credit cards through banks seem to be the best... or American Express where you can get Air Miles.
I've had all types of credit cards (Visa, MC, American Express, Discover), and I always made sure I got a card with 0% interest for a year. I've never once had to pay interest on a credit card, so I would do your research since you'll be putting a lot of money on it. I don't know if you'll be able to get a 0% interest card without credit, but I got my first one when I was 18, and it wasn't a problem (but times were different back then). Honestly, if you can't afford to pay off the balance every month and you have to pay interest, I would just save money until you can buy what you want rather than get a credit card. I can't say enough how stupid it is to pay interest! And just some general advice, make sure you make payments on time. That's something that can effect your credit score, but it should be automatic.
The card I have with the lowest rate is from Chase and I get miles for every purchase I make. Definitely watch your mail for cards with promotional APR. Pay attention to what the APR defaults to after the promotional period.
Thanks all! We're really liking Discover, Bank of America Visa, and AmEx Starwood so far.
I have a discover card with 0%, I think it's been like that for two years. To be honest, it's my wedding dress card! I also have a Citi card which builds up some sort of points and I just got a check for 70$ out of no where.
I went through my bank, because I don't have good credit yet (I'm 19) and they gave me a relatively good interest rate, plus I can pay it off straight from my checking account every month. No complaints except after about 6-8 months of spending $250-$300 a month and paying it off in full, I requested a credit raise and they denied me for no reason other than that I "hadn't been a customer long enough" - which made me mad, because I've had my checking account with them for 5 years.
I believe the new credit card regulations went into effect yesterday. I've read several articles speculating that rewards programs may not be seen as frequently, that annual fees may become standard again, that there are limitations to marketing to college students, and those under 21, and lower credit limits may be expected etc.
Just make sure that you read all the paperwork carefully :-) It may be helpful to review what some of the recently changes are as well. (I just listed that stuff above from several articles found on Google).
We went through our bank (Chase) and have not regretted it! = )
chase has been the best for us. i also have capital one but i've had some problems with them. i recommend chase.
The best idea I've ever heard of is to get a card through a store like Best Buy and buy something that you want/need like a stereo, tv, etc and pay it off over time. One of FI's friends did that during his senoir year and earned himself a 720 credit score at 18 years of age. He was able to buy a car with a very good deal and already has a starter home for himself because of that credit score.
I recommend the Starwood Preferred Guest American Express card. You get points for all of your purchases plus their customer service is awesome. The hubby to be and I both have it and we make all of our purchases with it which we can later use to pay for our hotel for our honeymoon, SCORE.
They typically will also give you bonus points--anywhere from 10,000-15,000 miles after your first purchase.
I might caution against Toffee's suggestion, as store credit cards often have sky high interest rates. If you want a low-rate card, go with one through your bank.
If you have questions about how to build your financial portfolio, I really enjoyed reading Suze Orman's "Young, Broke, and Fabulous". She lays it out in a simple and easy to understand manner. I think you would find it very useful. I loved it!
Ide say def try getting one through your bank or a credit union type bank if you dont belong to one.
I'd recommend getting a Costco membership (if you have one in your area) and an American Express card with it. Double cash back.
I'd recommend getting a Costco membership (if you have one in your area) and an American Express card with it. Double cash back.
I agree with some of the previous posts, Chase has definetly been the best company to work with. They usually offer no interest for the first 6-12 months and have a reasonable interest rate after that. They are also very good with working with you. One time I actually forgot to pay my bill and called them right away (2 days late) and they didn't bump my interest rate at all.
You mentioned Bank of America. I love their services in regards to checking account, but they are one of the worst IMHO to have a credit card with. You could mail them a check two weeks before your bill is due and they will tell you that they received your payment late just so they can charge you ridiculous fees and raise your interest through the roof.
Toffee is actually pretty good advice for building credit, but it looks as if you need the credit now. If you plan on carrying a balance, make sure you pay principal along with interest on time every month, and in a year or two end the card and move into the world of better credit.
I just got a student card from Discover, and I'm pretty pleased with it.
However, I just saw something the other day that credit unions have the best rates, so check there!
We put everything on Amex and got 1% cash back. We pay it off each month. No debt is the way to be.
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FI and I are getting a credit card soon and we are starting our research on which one is best. I have teensey weensey credit from 1 loan I took out to try and build a little. He has absolutely no credit yet.
We know we'll have a fairly high interest rate, but we'd obviously like it as low as possible. We will likely not be able to pay off the whole balance in the first month (some wedding expenses), so we probably can't do something like American Express. We'd also like one with some kickbacks, like 1% back or airline points (so long as it doesn't cost more in the end from higher interest).
Any particular cards/banks that you bees suggest? Any credit card advice? We'll be buying a bedframe, and doing close to 2-3,000 in wedding expenses on the card.